With origins that can be traced back thousands of years, the wine trade has remained among the most traditional industry sectors. Throughout the centuries, it has made conscious effort to capitalise on the romance of its history and heritage, evident in the building of chateaux in architectural styles that convey a sense of legacy, the great old classified vineyards, and the numerous important historical figures among its customers. The splendour of its past and its reflection in the present have become more evident now, in the 21st century, than ever before – partly because of the fast-paced, ever-changing market.
The wine trade has long benefited from its respect for tradition, but participants are also increasingly seeking to take advantage of the opportunities provided by modern technology. A recent survey from Liv-ex showed that 81% of its merchant members expect that technology will change the way they do business for the better.
One wine merchant expressed that the industry needs to “keep up with the faster world”, while Fine Minds 4 Fine Wines (FM4FW), a wine think tank, suggested in a 2019 report that, “even wine can’t stave off technology forever – nor can it afford to”.
But while many industry professionals have considered how technology can modernise production in the vineyard, or help with unconventional wine marketing, little has been done to examine the evolving methods of buying and selling the final product: the world of wine trading. This report aims to fill this gap by concentrating on five innovations in digital technology that are changing it.
Inside this report:
- Electronic trading: the road to transparency
- APIs: the key to an open future
- Blockchain technology and its application in wine trading
- QR codes: between marketing and authenticity
- Unique identifier for wine
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